Well, the day of flipping may be near.
We first heard strong rumors of a potential sale a few weeks ago, but kept quiet. As time went on, we began to hear more and more rumors from many reliable sources. Reliable enough that we will share some of the rumor but will note that Powder Mountain is staying quiet for now.
The word on the street is that a group of young (under 30), wealthy entrepreneurs are interested in purchasing Powder Mountain as a site for a retreat. A place where they can gather, share ideas, and do great things. Apparently these investors care about communities, give millions to charity and believe in partnering to do good things to protect the environment.
The rumor goes on to state that the group has been in the valley the past few weeks and have put down a very large sum of money on the property and has submitted a letter of intent to purchase the property. Supposedly, their desire is to build a few homes (substantially less than the 5,000 or so that was approved), construct a retreat or convention center, and keep the rest of the mountain relatively status quo. In other words, preserve the land.
This sounds like a potential win for Ogden Valley, and we are crossing our fingers (and a couple of toes) in hopes that at least part of the rumor is true - especially the part about preserving the land.
Have others heard about the rumor? Who will be the first to comment.
UPDATE: 2/17/12 @ 10:40 AM Several of our humble readers have added to the rumor mill, and we will share some of it here:
The Summit Group or Summit Series is rumored to be the "investor."
Here is their web site.
One of the Summit Series founders was at Pow Mow last weekend.
This verifies it- scroll down to see someone (presumably Josh) on a Pow Mow Snowmobile.
Word is that there is a balloon payment of some sort due in April for one or more of the current investors. There are several interested parties and the Summit Group is one.
Rumor also has it that Gregg Greer, Powder Mountain CEO, attended a meeting in Squaw Valley put on by this group last month.
23 comments:
Hmmmm... Encouraging news, to say the very least.
The word is "sale".
Hopefully the new owners (if the rumor is true and I've heard it from good sources as well) have the sense to get rid of Gregg Greer. He's a disaster.
Long time employees who were truly an asset to the resort were run out by Greer's attitude and poor management.
Even the patient, iconic bus driver Woody left after getting fed up him.
Getting with a shouting match with a customer and swearing a blue streak in the middle of the lodge does not reflect well on the resort.
Screaming at long time season pass holders does not help business either.
I loved Powder Mountain until the new investors took over and placed Mr. Greer in charge. For now I ski at Snowbasin and take countless out of town friends and family there instead.
If the new investors have reasonable plans for future development and place appropriate management in charge, I would return in a heartbeat.
I've heard of interest from this group- http://www.summitseries.com/
Selling Pow Mow? That's one of my favorite places to ride. If selling the resort meant a faster lift at Hidden Lake, I'd support as many businesses in Utah as it took to make that happen. Not surprised it's being kept quiet though. Any ideas on when this all may be going down?
Thanks for details on the rumor. I had heard that a group called The Summit Group invested 20 million dollars with no more details than that. Sounds similar
Heard that birdy too....question is....ehat would they do with the mountain ....privatize it for themselves or turn it into another basin?
Ditto on that dude....greer
We just posted more fodder for the Rumor mill based on the input of some of our humble readers. As to The Summit Group's investment, we have now heard numbers from $10 - 20 million dollars.
So what is with the helicopters every five minutes over the Valley? Is it the Richey Riches coming to do their due diligence? Looks to me as if they are coming and going from/to the Morgan County airport. Is this these bozos' preferred method of transportation? Ecologists, eh? What have we created wiith this new Heliport ordinance??
I emailed Josh, via his blog, and asked if could comment on the rumors. Will post anything if he replies.
I saw and heard a helicopter east of Huntsville Thursday but could not get to the binoculars in time
On the heliport issue make sure you follow this https://miradi.co.weber.ut.us/projects/view/213 concerning a conditional use permit for a permit
Saw one busting up Ogden Canyon this morning on the way to town....could just be Presidents Day skiers too....
Looking at thier website...looks a little elitest, no? Just a bunck of buds from Yale and such just getting together to share brilliant ideas???
Looks like he took in some ice fishing on Pineview too...
is there anyone in that group over 30???
Thanks Ron.
If these rumors are true, it is a victory for the Valley citizens that stood up against the phony town. Large homes are an improvement of a turkey town and a resort that would add at least 5,000 to our density numbers. Thanks to all that stood firm long enough to change the results. This is a big defeat for the spineless County Commissioners as well.
Anyone see that little shack below hidden lake parking lot....think they were using it as some sort of yurt or such for those guys....
They are at it again today. I'm having flashbacks of Saigon.
They are at it again today. I am having flashbacks of Saigon.
I was there a week ago and he was was screaming at a 60 year old tourist who disagreed with greer on several mt policies,the old guy got a bit loud ,greer called him an asshole,threatened to call sheriff,and through the guy off the mt, ,it was embarassing for a passholder to watch
If Woody quit because of the new owners they need to go ASAP
Yo - the dudes are renting our house up in Trappers Ridge. It's for real. Not 100% sure they'll seal the deal; but they are doing their due diligence....
It's really encouraging news. I just impressed to read about this rumor. Thanks for this excellent informative information.
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